So you have decided to sell your home as a "For Sale By Owner". This seems to make a lot of sense because you will save all that money from not paying a commission.
If your like most sellers who try "For Sale By Owner" you do the three P's of selling your home:
Put a sign in the yard
Post it on the internet /news paper ads
Pray it will sell
Statistically the methods used by most "For Sale By Owners" are:
• Yard sign . . . . . . . . . . 44%
• Listing on Internet . . . 33%
• Friends/neighbors . . . .27%
• Open house . . . . . . . .19%
• Newspaper ad . . . . . 17%
• For-sale-by-owner Web site . .12%(1)
Research by the National Association of Realtors reported:
"For Sale By Owner" accounted for 10% of home sales in 2011. The typical "For Sale By Owner" home sold for $150,000 compared to $215,000 for agent-assisted home sales.(2)
Why only 1 out of 10?
To really be successful in a home sale you need to add the fourth "P" in your selling strategy . Prospecting! Buyers won't just come to you. You have to go out and find them!
Without qualified buyers your not going to sell your home. The only way to get a contract is to seek out willing and able buyers instead of attracting "Tire Kickers" and the "Just Looking". The average buyer searches for 12 weeks and previews 12 homes before they decide to buy. An 88% of those buyers used the internet in their home search. (3)
Great! All I need is a webpage….
Not so fast! Remember that only 33% of sellers who sell their own home are on the internet and they only account for 10% of all homes sold nationally. So what makes the difference? Any inquiry is only a "lead". The secret of success is to convert that lead to a prospect. A prospect is a buyer who is ready, willing and able to buy.
Ready, willing and what?
When you converse with that "lead" you want to make sure that your not wasting your time. Look for these signs:
1. When do they plan to buy? Why? What is their motivation?
2. Are they financially qualified to buy your home?
A prospect who is "just looking" and can't afford your home is not a prospect.
Once you find a motivated and qualified prospect then comes the fun part
Negotiations, contracts and closing - But I will save that for another post!
(1)"Field Guide to Quick Real Estate Statistics"
http://www.realtor.org/library/library/fg006
(2)"Field Guide to Quick Real Estate Statistics"
http://www.realtor.org/library/library/fg006
(3)"Field Guide to Quick Real Estate Statistics"
http://www.realtor.org/library/library/fg006
If your like most sellers who try "For Sale By Owner" you do the three P's of selling your home:
Put a sign in the yard
Post it on the internet /news paper ads
Pray it will sell
Statistically the methods used by most "For Sale By Owners" are:
• Yard sign . . . . . . . . . . 44%
• Listing on Internet . . . 33%
• Friends/neighbors . . . .27%
• Open house . . . . . . . .19%
• Newspaper ad . . . . . 17%
• For-sale-by-owner Web site . .12%(1)
Research by the National Association of Realtors reported:
"For Sale By Owner" accounted for 10% of home sales in 2011. The typical "For Sale By Owner" home sold for $150,000 compared to $215,000 for agent-assisted home sales.(2)
Why only 1 out of 10?
To really be successful in a home sale you need to add the fourth "P" in your selling strategy . Prospecting! Buyers won't just come to you. You have to go out and find them!
Without qualified buyers your not going to sell your home. The only way to get a contract is to seek out willing and able buyers instead of attracting "Tire Kickers" and the "Just Looking". The average buyer searches for 12 weeks and previews 12 homes before they decide to buy. An 88% of those buyers used the internet in their home search. (3)
Great! All I need is a webpage….
Not so fast! Remember that only 33% of sellers who sell their own home are on the internet and they only account for 10% of all homes sold nationally. So what makes the difference? Any inquiry is only a "lead". The secret of success is to convert that lead to a prospect. A prospect is a buyer who is ready, willing and able to buy.
Ready, willing and what?
When you converse with that "lead" you want to make sure that your not wasting your time. Look for these signs:
1. When do they plan to buy? Why? What is their motivation?
2. Are they financially qualified to buy your home?
A prospect who is "just looking" and can't afford your home is not a prospect.
Once you find a motivated and qualified prospect then comes the fun part
Negotiations, contracts and closing - But I will save that for another post!
(1)"Field Guide to Quick Real Estate Statistics"
http://www.realtor.org/library/library/fg006
(2)"Field Guide to Quick Real Estate Statistics"
http://www.realtor.org/library/library/fg006
(3)"Field Guide to Quick Real Estate Statistics"
http://www.realtor.org/library/library/fg006
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